"Angus Bryant" wrote in message
...
http://news.independent.co.uk/uk/tra...p?story=484806

A plan to grant Ken Livingstone the power to raise hundreds of millions of
pounds for transport projects through issuing bonds is under consideration
by ministers.
Whitehall officials say private discussions between the Mayor of London
and
the Treasury are aimed at striking a "constitutional settlement" between
the
Government and the capital to allow the Greater London Authority more
leeway
in financing major schemes.

Such a deal could set a precedent for projects elsewhere in Britain and
mark
a flexible approach to funding public projects by Gordon Brown, the
Chancellor, whose hardline policies are often blamed for hindering
developments. Mr Livingstone hopes new initiatives such as the East London
extension and the delayed Thameslink 2000 could be funded through bonds.

Local Authority loan stocks are a long-established method of funding
projects. I inherited some LCC and Salford CBC stock back in 1970, and also
a mortgage loan to the local Rural District Council.

Has the law under which these funds were raised been repealed?
--
Terry Harper, Web Co-ordinator, The Omnibus Society
http://www.omnibussoc.org
E-mail:
URL: http://www.terry.harper.btinternet.co.uk/